Bill Gates

With potential loan debts and tuition costs rising every year, it’s no wonder half the millennial population is asking: do you need a college degree to be successful? The answer isn’t simple. There is no definitive proof that a degree can secure you the job of your dreams or lead to the ultimate “success” (especially because success is in the eye of the beholder). One person’s idea of being successful may be different to another’s. But, for now, lets assume that it means you have effectively climbed to the top of your field and earn a reasonably high salary.

A career prerequisite

Before considering whether you wish to attend college, you may want to reflect on what you have a real passion for. This is almost always the thing you will excel at. From there, you should surmise whether a degree is necessary in order to enter this vocation. For many industries, a degree isn’t a prerequisite for an entry-level position. In such circumstances, some students may feel a degree would simply postpone any possible opportunities. However, a degree may be an absolute must for certain fields—the obvious ones being medicine, the sciences, engineering and architecture.

Having realistic expectations is important at this stage of your decision-making. This is not to say don’t aim high, but be honest with yourself about what you can achieve. If your objectives are ambitious, devise a plausible plan that will make your dreams a reality. You may aspire to be a professional swimmer, but you should appreciate that this profession may be slightly out of reach. Instead, becoming the best swimming instructor in the region may be more achievable. Identifying a suitable location with a gap in the market may facilitate you founding a swimming school, which could even lead to a franchise.

What’s it worth?

There are various elements that can determine the value of your college degree: the amount you will ultimately pay to attend, your desired career path and your post-graduation living situation—each can contribute to its worth. One way to determine whether your college costs will stack up against your potential income is to use the Major ROI tool on the Discover Student Loans’ website. The website covers the potential average salary for different subject majors. For industries with six figure salaries, you can afford to pay for a more expensive institution. If the rewards are low, you may wish to consider a more economic method for achieving your goals.

Let’s not forget that financial aid is still available in the form of scholarships for those who need help with offsetting the cost of a college degree. Community colleges and state universities are also options that shouldn’t be cast aside. Both can provide quality educational courses for people with a subject or occupation in mind.

Pro college degree

Shows passion and dedication to the field you are applying for.

Prepares individuals for the workplace by developing independence, introducing important connections and improving social skills.

Provides resources that students can tap into for in-depth insight into various topics—experienced lecturers stand as a fountain of knowledge and expertise.

A college degree has become the standard for which many candidates are measured—mostly due to the imbalance of the job-to-candidate ratio.

According to Bureau of Labor Statistics data from 2016, earning potential and educational attainment are directly related; lower earners had completed fewer levels of academia in every category.

Pro no college degree

Free from debt and tuition fees.

Internship and apprenticeship programs can introduce young people into the workplace—securing such a position doesn’t necessarily require a college degree to be successful.

Fostering ambition and making valuable business connections is possible via websites such as LinkedIn and Quora.

The CNBC/SurveyMonkey Small Business Survey 2017 reported that business owners without a four-year degree far outnumber those with a bachelor’s degree or higher.

What the experts say

Several famous personalities have managed to prosper without the help of a college degree; Bill Gates, Mark Zuckerberg, Oprah Winfrey, Coco Chanel and Steve Jobs, to name a few. This adheres with the data produced by the CNBC/SurveyMonkey Small Business Survey from 2017. It found that entrepreneurs who didn’t finish or attend college outnumbered those with higher-level degrees across both genders and every age group apart from the over 65s. However, all business owners who had skipped higher level education all shared common personality traits: each had a distinct attitude of independence, determination, a great idea and the willingness to take risks.

Jacqueline Gold, founder of the Ann Summers adult retail empire is another example of a self-made businesswoman, who climbed her way to the top without a degree. “I was acutely aware when I started Ann Summers Party Plan that I had no formal business training, but what started out as a disadvantage actually turned into one of my biggest advantages. I had to rely entirely on listening to customer feedback, which led to the rapid growth of Party Plan turning over £86,000 in its first year.” While Gold believes that college is undeniably beneficial, she also champions those that follow alternative paths. “I’m excited that there are individuals that want to do something different and create their own career and get straight in to the work place.”

On the topic, Chuck Runyon—co-founder of the 24-hour gym chain Anytime Fitness—commented: “If you want to get out of college and try to hustle, it still requires a great deal of capacity.” Runyon decided to leave college after he identified a gap in the market for a gym that was always open, one whose equipment focused solely on what was most frequently used by members. “I want to make it clear: you have to work every bit as hard, if not harder.”

The brain behind Microsoft, Bill Gates, agreed with Runyon’s sentiments. In a blog post in 2015, Gates said, “Although I dropped out of college and got lucky pursuing a career in software, getting a degree is a much surer path to success.” While the majority of successful entrepreneurs show that college degrees aren’t the only way to succeed in life, none seem to show a dislike for higher education, either.

Whether you decide to get a college degree or jump straight into work, it is clear that the key to succeed in life is to aim high, work your hardest, take risks, stretch your creativity, and—no matter what—follow your dreams.